Expert shares tips for choosing a health insurance plan for 2023

How to pick the right health insurance plan for yourself and your family

It's open enrollment time. Here are some things you might consider when deciding on a plan that fits your needs.

ATLANTA - If you get your health insurance through your employer, it is time to sign up for your 2023 plan.

JoAnn Volk, a research professor at the Georgetown University Center on Health Insurance Reforms says you want to be savvy, and look over your options.

Volk says too many people focus on low premiums, or monthly payments.

"You definitely have to look beyond the premium, because there are costs to get care, out-of-pocket costs, that you want to pay attention to," Volk says.  "But also (pay attention to) the provider network that covers the providers you need to see, and even the formulary that covers the drugs you typically use."

And, Volk says, if you have a medical provider or specialist you want to keep seeing in 2023,

"You want to make sure that they're covered," she says.  "It's also important to pay attention to the plan type. There are HMOs, which don't let you go out of networks, so that, if your provider is not in-network, it may not be covered at all. A PPO, or preferred provider organization, lets you go out of network. You will pay a little bit more, but it will still be covered."

If you go with a high-deductible plan, you may qualify for a Health Savings Account (HSA).

An HSA allows you to set aside pre-tax dollars to pay for certain medical expenses like deductibles, co-payments or coinsurance.

You typically cannot use your HSA to pay your premiums.

If you do not use the money you save, the balance will roll over to the next year.

Another option is a Flexible Spending Arrangement (FSA).

It allows you to put a certain amount from your salary into a tax-free account that covers some medical expenses that may not be included in your plan.

But. Volk says, keep in mind that an FSA is "use it or lose it" account.

"If you don't use it up, it's up to your employer whether or not you are allowed to still tap into it in the next year," she says.  "Typically, you'll lose that money. So, you want to be careful about that calculation."